Get the scoop on finance - sign up for mobile alerts
Trading
| On
January 21, 2024

Tether (USDT) Nears $100 Billion Market Cap After Printing More Than $10,000,000,000 in Three Months

By Mehron Rokhy

Stablecoin issuer Tether (USDT) is nearing a $100 billion market cap after adding about $10 billion to its valuation during the last three months.

According to new data from crypto ranking platform CoinGecko, USDT has seen its total market cap balloon from $84 billion on October 15th to over $94 billion on January 15th.

ADVERTISEMENT

Last week, the stablecoin issuer pushed back against accusations from an agency associated with the United Nations (UN) that claimed USDT was frequently being used by criminals to launder money and commit fraud in parts of Asia.

According to a report published by the United Nations Office on Drugs and Crime (UNODC), bad actors in East and Southeast Asia prefer using USDT on the Tron (TRX) blockchain as Tether offers better anonymity, lower fees and more stability.

However, Tether denies the claim and says that using USDT for illicit activities is difficult as it collaborates with numerous law enforcement agencies to track and monitor transactions.

Tether is continuing a massive accumulation of Bitcoin (BTC), pushing its reserves of the flagship digital asset up to $2.8 billion.

ADVERTISEMENT

According to market intelligence platform CryptoQuant, in August, Tether was holding just $1.6 billion worth of the top crypto asset by market cap at the time, making it the 11th-largest BTC-holding entity in the world.

Tether currently holds around 66,400 BTC, according to CrypoQuant founder and chief executive Ki Young Ju.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney